u.today
The bearish trend continues on the cryptocurrency market, according to CoinMarketCap.
$BTC/USD
The price of Bitcoin ($BTC) has fallen by 2.24% over the last 24 hours.
Despite today's drop, the rate of $BTC is looking bullish on the hourly chart. If the breakout of the resistance of $55,954 happens, there is a chance to see a test of the $57,000 zone tomorrow.
On the bigger time frame, one should pay attention to the candle's closure in terms of the support level of $53,120. If it happens far from it, one can expect a local bounce back to the $58,000 range by the end of the week.
From the midterm point of view, the rate of $BTC is near the support level. If the weekly bar closes around the current prices, the accumulated energy might be enough for a breakout below the vital zone of $50,000.
Bitcoin is trading at $55,389 at press time.